Caption Management Portfolio holdings
Caption Management runs private funds that trade U.S. stocks and stock options, usually holding positions for two to four months. It looks for mispricings in stock and options markets through company research, and aims to profit from moves in share prices or in expected price swings. Jason Strasser and William Cooper, who both graduated from Duke University in 2007, started the firm in 2012 and own most of it. Strasser began his career as an equity derivatives trader at Morgan Stanley and then worked as an analyst at the hedge fund Trafelet & Company. Its funds are open to high net worth individuals, family offices, endowments, foundations and institutional investors.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$39.8M |
| 2 |
First Solar
FSLR
|
+$18.5M |
| 3 |
Apellis Pharmaceuticals
APLS
|
+$18.1M |
| 4 |
Charter Communications
CHTR
|
+$17.3M |
| 5 |
Paramount Global Class B
PARA
|
+$14.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Meta Platforms (Facebook)
META
|
+$25.5M |
| 2 |
Pilgrim's Pride
PPC
|
+$18.9M |
| 3 |
Intra-Cellular Therapies Inc.
ITCI
|
+$18.5M |
| 4 |
Zillow
Z
|
+$12.1M |
| 5 |
Cytokinetics
CYTK
|
+$12M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 86.9% |
| 2 | Communication Services | 3.18% |
| 3 | Healthcare | 3.02% |
| 4 | Financials | 2.03% |
| 5 | Technology | 1.9% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
PUT
First Solar
FSLR
$19.6B
| $254M | 3.91% |
1,127,100
+1,076,400
| +2,123% | +$235M |
2022 Q1
9 quarters
|
|
2
CALL
Snowflake
SNOW
$103B
| $128M | 1.98% |
+950,000
| New | +$140M |
2024 Q2
0 quarters
|
|
3
PUT
Alnylam Pharmaceuticals
ALNY
$21.2B
| $119M | 1.83% |
489,600
+378,300
| +340% | +$59.7M |
2020 Q3
15 quarters
|
|
4
Citigroup
C
$204B
| $109M | 1.68% |
1,720,000
-32,200
| -2% | -$1.99M |
2023 Q3
3 quarters
|
|
|
5
PUT
Citigroup
C
$204B
| $107M | 1.65% |
1,687,300
-2,200
| -0.1% | -$136K |
2023 Q3
3 quarters
|
|
6
Verizon
VZ
$187B
| $105M | 1.62% |
2,555,400
-500
| -0% | -$20.2K |
2023 Q4
2 quarters
|
|
7
PUT
Caterpillar
CAT
$282B
| $99.3M | 1.53% |
298,000
+41,800
| +16% | +$14.5M |
2023 Q4
2 quarters
|
|
|
8
PUT
Verizon
VZ
$187B
| $99M | 1.52% |
2,400,100
+100
| +0% | +$4.03K |
2023 Q4
2 quarters
|
|
9
CALL
Cencora
COR
$64.5B
| $97.5M | 1.5% |
432,600
| – | – |
2023 Q3
3 quarters
|
|
10
CALL
Insmed
INSM
$24B
| $79.4M | 1.22% |
1,184,600
+1,148,800
| +3,209% | +$44.6M |
2024 Q1
1 quarter
|
|
11
PUT
Capri Holdings
CPRI
$2.07B
| $79M | 1.22% |
2,389,600
+1,113,300
| +87% | +$40.3M |
2023 Q3
3 quarters
|
|
12
PUT
Adobe
ADBE
$97.9B
| $77.8M | 1.2% |
140,000
| – | – |
2024 Q1
1 quarter
|
|
|
13
CALL
Caterpillar
CAT
$282B
| $73.4M | 1.13% |
220,500
-2,300
| -1% | -$798K |
2024 Q1
1 quarter
|
|
|
14
PUT
Insmed
INSM
$24B
| $69.5M | 1.07% |
1,038,000
+428,300
| +70% | +$16.6M |
2023 Q1
5 quarters
|
|
|
15
CALL
Alnylam Pharmaceuticals
ALNY
$21.2B
| $68.8M | 1.06% |
283,000
-47,900
| -14% | -$7.56M |
2020 Q3
15 quarters
|
|
16
PUT
State Street SPDR S&P Regional Banking ETF
KRE
$4.01B
| $63.1M | 0.97% |
1,285,300
+114,200
| +10% | +$5.51M |
2023 Q3
3 quarters
|
|
17
PUT
DELISTED
US Steel
X
| $59.7M | 0.92% |
1,580,000
+212,500
| +16% | +$8.11M |
2023 Q4
2 quarters
|
|
18
CALL
Goldman Sachs
GS
$262B
| $58.8M | 0.91% |
130,000
+55,000
| +73% | +$24.1M |
2023 Q4
2 quarters
|
|
|
19
State Street SPDR S&P Regional Banking ETF
KRE
$4.01B
| $57M | 0.88% |
1,161,100
+54,958
| +5% | +$2.65M |
2023 Q3
3 quarters
|
|
20
CALL
Royal Caribbean
RCL
$85.9B
| $56.9M | 0.88% |
357,000
+234,800
| +192% | +$33.8M |
2023 Q2
4 quarters
|
|
21
CALL
Energy Transfer Partners
ET
$70B
| $54.7M | 0.84% |
3,370,000
-613,100
| -15% | -$9.6M |
2023 Q2
4 quarters
|
|
22
CALL
Sarepta Therapeutics
SRPT
$1.94B
| $54.5M | 0.84% |
344,800
-438,200
| -56% | -$56.3M |
2021 Q2
12 quarters
|
|
|
23
CALL
Capri Holdings
CPRI
$2.07B
| $51.1M | 0.79% |
1,545,100
+698,700
| +83% | +$25.3M |
2023 Q3
3 quarters
|
|
24
PUT
VeriSign
VRSN
$27.7B
| $49.8M | 0.77% |
+280,100
| New | +$49.9M |
2024 Q2
0 quarters
|
|
25
PUT
Vistra
VST
$45.2B
| $48.8M | 0.75% |
567,000
+116,900
| +26% | +$9.8M |
2022 Q2
8 quarters
|
|
Similar funds
Caption Management's Q2 2024 Portfolio in Review
As of Q2 2024, Caption Management held 1,603 positions worth $6.49B, down 1.4% from $6.59B the previous quarter. Its ten largest holdings account for 18% of the portfolio.
Caption Management's Q2 2024 filing shows 478 new, 239 increased, 260 reduced and 489 closed positions. Its largest new stake was Alphabet (Google) Class C: 233,700 shares worth $42.9M. The largest sale was Meta Platforms (Facebook), an estimated $25.5M.
By sector, the portfolio is most concentrated in Miscellaneous at 87% of assets, down from 88% a quarter earlier, followed by Communication Services and Healthcare.
- Caption Management's largest Q2 2024 buy was Alphabet (Google) Class C: 233,700 shares worth $42.9M.
- Caption Management added most to First Solar in Q2 2024, an estimated $18.5M increase.
- Caption Management's biggest Q2 2024 reduction was Intra-Cellular Therapies Inc., cutting an estimated $18.5M.
- Caption Management fully exited Meta Platforms (Facebook) in Q2 2024, selling an estimated $25.5M.
- Caption Management's ten largest holdings make up 18% of its $6.49B portfolio in Q2 2024.
- Caption Management opened 478 new positions and closed 489 in Q2 2024.
- Caption Management's portfolio value fell 1.4% quarter-over-quarter to $6.49B.
Based on Caption Management's 13F filing for Q2 2024, filed 14 Aug 2024.